Singapore Savings Bond July 2023 – 2.76% to 2.82% P.A.
Rates for July 2023’s Singapore Savings Bond (SSB) remain relatively flat from last month, with the numbers barely changed. Given the undersubscription of June 2023’s SSB, the tranche is now smaller at S$600 million.
| Year from issue date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest % | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.95 | 3.02 | 3.02 |
| Average return per year %* | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.78 | 2.81 | 2.82 |
Past SSB Rates
Past SSBs
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | |
|---|---|---|---|---|---|---|---|---|---|---|
| June 2023 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 |
| July 2023 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.78 | 2.81 | 2.82 |
| August 2023 | 2.97 | 2.97 | 2.97 | 2.97 | 2.97 | 2.97 | 2.97 | 2.98 | 2.98 | 2.99 |
| September 2023 | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.02 | 3.04 | 3.06 |
| October 2023 | 3.05 | 3.05 | 3.05 | 3.05 | 3.05 | 3.05 | 3.06 | 3.09 | 3.13 | 3.16 |
| November 2023 | 3.21 | 3.21 | 3.21 | 3.21 | 3.21 | 3.21 | 3.22 | 3.25 | 3.29 | 3.32 |
| December 2023 | 3.30 | 3.30 | 3.30 | 3.30 | 3.30 | 3.30 | 3.31 | 3.34 | 3.37 | 3.40 |
| January 2024 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.02 | 3.05 | 3.07 |
| February 2024 | 2.72 | 2.72 | 2.72 | 2.72 | 2.72 | 2.72 | 2.72 | 2.75 | 2.78 | 2.81 |
| March 2024 | 2.74 | 2.74 | 2.74 | 2.74 | 2.74 | 2.74 | 2.75 | 2.79 | 2.84 | 2.88 |
| April 2024 | 2.95 | 2.95 | 2.95 | 2.95 | 2.95 | 2.95 | 2.96 | 2.99 | 3.02 | 3.04 |
| May 2024 | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 | 3.00 | 3.02 | 3.04 | 3.06 |
| June 2024 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.27 | 3.29 | 3.31 | 3.33 |
| July 2024 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.28 | 3.29 | 3.30 |
Just 0.01% higher than previous month for 10-year tenure
If one were to hold this SSB for 10 years, the average return is 2.82% p.a. Incidentally this is 0.01% p.a. higher than the 2.81% p.a. rate of June’s SSB. Interesting.
June 2023’s SSB was way undersubscribed
The SSB for June 2023 proved to be very unpopular compared to other SSBs in recent memory. Less than half of the S$700 million tranche was subscribed with just S$214.7 million allotted.
Despite the lowered tranche size of S$600 million, July 2023 SSB is in all likelihood going to see similar undersubscription, which means there would be no ceiling amount aside. There is still an overall limit of S$200,000 across all SSBs that an individual owns.
Are SSBs still relevant?
Application timeline
Note that applying early does not confer you any priority in the allotment process, so it is more ideal to apply nearer to the closing date. This is because your funds are deducted from your account at the point of application, and you do not get any interest for such funds.
| Opening Date | Closing Date | Allotment | Issuance |
| 1st business day of month (6PM) | 4th last business day of the month (9PM) | 3rd last business day of the month (after 3PM) | 1st business day of the following month (end of day) |
| 1st June 2023 (6PM) | 26th June 2023 (9PM) | 27th June 2023 (after 3PM) | 3rd July 2023 (by end of day) |
Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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